Roy Jacobs & Associates announces that it has commenced a Class Action lawsuit in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") of all persons who purchased or acquired the common shares of First Marblehead Corp. (“First Marblehead” or the “Company”) (NYSE: FMD) from August 10, 2006 through and including April 7, 2008 (the "Class Period").

For further information, please contact Roy Jacobs & Associates toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com. You may also sign up at our firm's website at www.jacobsclasslaw.com.

The lawsuit claims that First Marblehead and a number of individual defendants violated the federal securities laws by making materially false and misleading statements about the performance and quality of First Marblehead's securitizations in SEC filings and other statements to the investing public. Among other things, First Marblehead misrepresented the level of default rates in its portfolio and the default rates' effect on the Company's ability to securitize additional student loan underwritings. The complaint also states that First Marblehead recklessly disregarded that its student loan guarantor, The Education Resources Institute, was under-reserved and unable to adequately insure student loans underwritten by the Company. The guarantor filed for bankruptcy protection on April 7, 2008.

If you purchased First Marblehead shares during the Class Period, August 10, 2006 through and including April 7, 2008, you may qualify to serve as Lead Plaintiff on behalf of the Class. All motions for appointment as Lead Plaintiff must be filed by June 9, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Roy Jacobs. Mr. Jacobs speak with you at no cost or obligation.